54TH INDUCTION LECTURE FOR NEW MEMBERS - icanig.orgicanig.org › ican › documents ›...

54TH INDUCTION LECTURE FOR 54TH INDUCTION LECTURE FOR 54TH INDUCTION LECTURE FOR 54TH INDUCTION LECTURE FOR NEW MEMBERSNEW MEMBERSNEW MEMBERSNEW MEMBERS

ICAN CENTREICAN CENTREICAN CENTREICAN CENTREICAN CENTREICAN CENTREICAN CENTREICAN CENTRE

PLOT 12, KOFO KASUMU STREETPLOT 12, KOFO KASUMU STREETPLOT 12, KOFO KASUMU STREETPLOT 12, KOFO KASUMU STREET

AMUWO ODOFINAMUWO ODOFINAMUWO ODOFINAMUWO ODOFIN

LAGOSLAGOSLAGOSLAGOS

03 NOV, 201403 NOV, 201403 NOV, 201403 NOV, 2014

INDUCTION LECTURE FOR

NEW ICAN MEMBERS

DELIVERED BY

ROTIMI A. OMOTOSO MBA, CGMA, CPA, FCIB, FCA

REGISTRAR/CHIEF EXECUTIVE

2Induction Lecture for New ICAN

Members

�WELCOME AND CONGRATULATIONS

�BEFITTING ACKNOWLEDGEMENT OF YOUR DETERMINATION

AND HARD WORK

�AN OCCASION TO REJOICE AND SAVOUR THE AROMA OF GOOD

SUCCESS.

�CONGRATULATIONS ONCE AGAIN FOR YOUR SUCCESS AND FOR

CHOOSING THE RIGHT PROFESSION.


Members

� A rich tradition of diligently guiding new members

into the profession.

� Providing insight into the structure and operations of� Providing insight into the structure and operations of

the Institute.

� Providing guidance on current issues new members

will probably face as Chartered Accountants.

� Discussing the ethics of the profession.


Members

� Association of Accountants in Nigeria, forerunner of the

institute: 1960 - 1965

� ICAN – Since 1965

� Pioneering statutory rights to set standards and regulate

the practice of accountancy in Nigeria

� From just 250 members in 1965 to well over 38,000


Members

“AccuracyAccuracyAccuracyAccuracy andandandand IntegrityIntegrityIntegrityIntegrity” - This implies that the

profession welcomes only persons with proven

integrity and honesty into its membership.


Members

� The ICAN Council - the highest policy making body.

� Standing Committees

� Officers

� Executive Coordinating Committee (ECC).

� ICAN Secretariat


Members

� The Act provides that “there shall be a governing body of the Institute;

a Council charged with the administration and general management of

the Institute.” The Council shall consist of a total of thirty persons,

being fellows or associate members as follows:

◦ Six persons nominated by the Minister of Education, of whom each shall be a

chartered accountant whether in practice or not.

◦ Twenty four persons elected by the members of the Institute thirteen of whom shall be

members in practice as accountants.

� The Chairman of the Council is the President who is assisted by a

Vice-President and two Deputy Vice-Presidents.


Members

� The Act also provides for the position of theRegistrar

� Administrative head of the Secretariat charged withthe responsibility of establishing and maintainingthe registers of fellows, associates and registeredaccountants.accountants.

� Registrar is also the Chief Executive Officer of theInstitute, and with his staff, assist the Council inday-to-day administration of the Institute.


Members

� Administrative organ of the Institute

� Maintains the registers of fellows, associates and

registered accountants.

� The Secretariat is made up of seventeen

departments including the Registrar’s Officedepartments including the Registrar’s Office

structured into thirteen directorates.


Members

� The Council functions through its Committees.

� While Council deals with general policy matters,

Committees are set up to handle specific issues which

require detailed analysis.

� Schedule 1 (7) (1) empowers Council to appoint

Committees to carry out on its behalf, such functions asCommittees to carry out on its behalf, such functions as

the Council may determine.

� Schedule 1(7)(3) provides that a “decision of the

Committee of Council shall be of no effect until it is

confirmed by Council”.


Members

FINANCE & GENERAL PURPOSES

STUDENTS STUDENTS STUDENTS STUDENTS INVESTIGATIONINVESTIGATIONINVESTIGATIONINVESTIGATION

INFORMATION TECHNOLOGY

ANNUAL ACCOUNTANTS CONFERENCE

MEMBERSHIP AFFAIRS AAT INVESTIGATION AAT INVESTIGATION AAT INVESTIGATION AAT INVESTIGATION PANELPANELPANELPANEL

FACULTY BOARD ELECTRORAL MATTERS

PROFESSIONAL EXAMINATIONS

PROFESSIONAL PRACTICE PROFESSIONAL PRACTICE PROFESSIONAL PRACTICE PROFESSIONAL PRACTICE MONITORING COMMITTEEMONITORING COMMITTEEMONITORING COMMITTEEMONITORING COMMITTEE

BUILDING COMMITTEE TECHNICAL RESEARCH & PUBLIC POLICY

MEMBERS’ EDUCATION AND TRAINING

ACCOUNTANTS ACCOUNTANTS ACCOUNTANTS ACCOUNTANTS INVESTIGATION PANELINVESTIGATION PANELINVESTIGATION PANELINVESTIGATION PANEL

STUDENTS AFFAIRS STUDENTS EDUCATION & TRAINING

PUBLIC IMAGE ACCOUNTANTS ACCOUNTANTS ACCOUNTANTS ACCOUNTANTS DISCIPLINARY TRIBUNALDISCIPLINARY TRIBUNALDISCIPLINARY TRIBUNALDISCIPLINARY TRIBUNAL

AAT COMMITTEE MULTILATERAL COMMITTEE

STUDENTS SPECIAL PROJECT

STRATEGY ATSWA EXAMINATION

INTERGOVERNMENTAL RELATIONS

REPRESENTATIVES ON EXTERNAL BODIES

DISTRICT SOCIETIES

Induction Lecture for New ICAN Members 12

� A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest.

� In acting in the public interest, a professional accountant shall observe and professional accountant shall observe and comply with the Code of Ethics of the profession.


� The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting body that develops an internationally appropriate Code of Ethics for Professional Accountants (The Code).Professional Accountants (The Code).

� IFAC contributes to the development, adoption, and implementation of high-quality international ethics standards for accountants, primarily through its support of the IESBA.


� The Code contains three parts - Part A establishes the fundamental principles of professional ethics for professional accountants and provides the conceptual framework.framework.

� Parts B and C describe how the conceptual framework applies in certain situations. Part B applies to professional accountants in public practice. Part C applies to professional accountants in business.


� IntegrityIntegrityIntegrityIntegrityTo be straightforward and honest in all professional and business relationships.

� ObjectivityObjectivityObjectivityObjectivityNot to allow bias, conflict of interest or undue influence of others to override professional or business judgments.

� Professional Competence and Due CareProfessional Competence and Due CareProfessional Competence and Due CareProfessional Competence and Due CareTo maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques and act diligently and in accordance with applicable technical and legislation and techniques and act diligently and in accordance with applicable technical and professional standards.

� ConfidentialityConfidentialityConfidentialityConfidentialityTo respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to disclose, nor use the information for the personal advantage of the professional accountant or third parties.

� Professional BehaviourProfessional BehaviourProfessional BehaviourProfessional BehaviourTo comply with relevant laws and regulations and avoid any action that discredits the profession.


� The circumstances in which professional accountants operate may create specific threats to compliance with fundamental principles.

� The Code establishes a conceptual framework that requires a professional accountant to identify, evaluate, and address threats to identify, evaluate, and address threats to compliance with the fundamental principles.

� The conceptual framework approach assists professional accountants in complying with the ethical requirements of this Code and meeting their responsibility to act in the public interest.


� Self-interest threat

� Self-review threat

�Advocacy threat�Advocacy threat

� Familiarity threat and

� Intimidation threat.


� Safeguards are actions or other measures that may eliminate threats or reduce them to an acceptable level, There are two types:

� Safeguards created by the profession, � Safeguards created by the profession, legislation or regulation; and

� Safeguards in the work environment.


� Rules of Professional Conduct for members exist

for all members and breach of any of the

regulations is subject to sanctions.

� The Institute is statutorily empowered to have an� The Institute is statutorily empowered to have anInvestigating Panel and Disciplinary Tribunal.


� Integrity

� Independence and Objectivity

� Confidentiality

� Conformity with Technical Standards

� Maintenance of Technical Competence – MCPE!,

MCPE!!, MCPE!!!;

� Scale of Professional Fees


Members

Section 11(3) of the Institute’s Act provides for

the establishment of an Investigating Panel,

members of which shall be appointed by Council

and shall consist of two members of Council andand shall consist of two members of Council and

one Chartered Accountant who is not a member of

Council.


Members

� The Act charges the Investigating Panel with the duties of:

� (a) conducting preliminary investigations into any casewhere it is alleged that a member has misbehaved in hiscapacity as an accountant or should for any other reasonbe the subject of proceedings before the Tribunal; and

� (b) deciding whether the case should be referred to theDisciplinary Tribunal.

� Therefore, whenever an allegation of professionalmisconduct is levelled against any member, the matter isreferred to the Panel for thorough investigation.


Members

� Section 11(1) of the Act provides that “there shall be atribunal to be known as the Accountants’ DisciplinaryTribunal.

� The tribunal is charged with the duty of consideringand determining any case referred to it by the Paneland determining any case referred to it by the Paneland any other case which, the Tribunal hascognizance”.

� Arising from this, the Tribunal re-examines the casebefore taking any disciplinary measure against anerring member.


Members

� The Tribunal consists of seven members of Council with the

President as the Chairman.

� The Tribunal has the power of a Federal High Court.

� Appeals on its decisions lie with the Court of Appeal and

thereafter to the Supreme Court.thereafter to the Supreme Court.

� The Institute’s enabling Act empowers Council to make rules

as to “acts, which constitute professional misconduct”.

� Bringing the name of the Institute or the Accountancy

Profession into disrepute.


Members

� This is the general assembly of the Institute. It is

usually held once a year. In exceptional circumstances,

extra-ordinary general meeting are held.

� The AGM receives and considers the annual reports

and accounts of the Institute prepared by the Council.and accounts of the Institute prepared by the Council.

� Major decisions are usually taken here including

appointments of auditors, election of Council members,

special resolutions, etc.


Members

� Why District Societies?� the opportunity for professional and social activities,� information about the Institute's activities to members

who are not often in touch with the Institute’s Secretariat,� assist potential accountants in their quest for membership

of the Instituteof the Institute

� project the image of the Institute in their immediatelocality.

The institute has district societies in most state capitals and principal cities in Nigeria, the United Kingdom, the United States of America and the Cameroun.


Members

� At the Annual General Meetings, the Institute holds

elections for members desirous of serving in Council.

� The Registrar/Chief Executive who is Secretary to Council

is not elected but appointed by Council.

� Although, elections are held every year, the tenure for

elected council members is three years.elected council members is three years.

� At the expiration of his/her term, each Council member

must seek re-election.

� Election into the council is now done through the

Electronic voting system.


Members

� Contestants for Council positions are not

expected to campaign or solicit for votes except

through the candidates’ profile displayed on

ICAN Website.

� An Ad-hoc Committee, called “The� An Ad-hoc Committee, called “The

Scrutineers” headed by a Past President, is

usually constituted to receive all election votes

under confidential cover.

� The results are released by the head of the

Scrutineers at the AGM


Members

� ICAN Professional Examinations

� The Accounting Technicians’ Scheme

� Accredited Tertiary Institutions

� Recognised Tuition Centres� Recognised Tuition Centres

� Recognised Training Centres

� Mutual Cooperation Agreement With Tertiary

Institutions (MCTI)


Members

� Faculties are centres of excellence, designed to equip

members with current developments in their specialist areas

and disciplines.

� Each member is expected to belong to at least one of the

following seven ICAN faculties but not more than three

depending on his areas of interest.depending on his areas of interest.


Members

Audit, Audit, Audit, Audit, Investigations Investigations Investigations Investigations and Forensic and Forensic and Forensic and Forensic Accounting;Accounting;Accounting;Accounting;

Financial Financial Financial Financial ReportingReportingReportingReporting

Taxation and Taxation and Taxation and Taxation and Fiscal Policy Fiscal Policy Fiscal Policy Fiscal Policy ManagementManagementManagementManagement

Insolvency and Insolvency and Insolvency and Insolvency and Corporate ReCorporate ReCorporate ReCorporate Re----engineeringengineeringengineeringengineering

Public Finance Management

Information Technology and Consultancy

Corporate Finance Management

Free WeeklyFree WeeklyFree WeeklyFree Weeklyeeee----NewsletterNewsletterNewsletterNewsletter

ICAN on ICAN on ICAN on ICAN on TwitterTwitterTwitterTwitter

Members Members Members Members HandbookHandbookHandbookHandbook

Membership Membership Membership Membership Year BookYear BookYear BookYear Book

The Nigerian The Nigerian The Nigerian The Nigerian AccountantAccountantAccountantAccountant

ICAN Technical ICAN Technical ICAN Technical ICAN Technical Helpdesk/TechHelpdesk/TechHelpdesk/TechHelpdesk/Technical Bulletinsnical Bulletinsnical Bulletinsnical Bulletins

ICAN on ICAN on ICAN on ICAN on FacebookFacebookFacebookFacebook

RRRResearch esearch esearch esearch Journal of Journal of Journal of Journal of Accounting Accounting Accounting Accounting and Financeand Financeand Financeand Finance

ICANICANICANICAN Library Library Library Library FundFundFundFund

ACCOUNTING ACCOUNTING ACCOUNTING ACCOUNTING Standards and Standards and Standards and Standards and Exposure Exposure Exposure Exposure Drafts Drafts Drafts Drafts


Members

Faculty Groups Faculty Groups Faculty Groups Faculty Groups on LinkedInon LinkedInon LinkedInon LinkedIn

ICAN on ICAN on ICAN on ICAN on LinkedInLinkedInLinkedInLinkedIn

Member Life Member Life Member Life Member Life InsuranceInsuranceInsuranceInsurance

ICANICANICANICANBenevolent Benevolent Benevolent Benevolent FundFundFundFund

Technology Technology Technology Technology Competence Competence Competence Competence Initiative, TCIInitiative, TCIInitiative, TCIInitiative, TCI

ICAN Libraries ICAN Libraries ICAN Libraries ICAN Libraries incl. Digital/Eincl. Digital/Eincl. Digital/Eincl. Digital/E----LibraryLibraryLibraryLibrary

Federal Federal Federal Federal Government Government Government Government Budget Budget Budget Budget SymposiumSymposiumSymposiumSymposium

ICAN ICAN ICAN ICAN CommissionCommissionCommissionCommissioned Research ed Research ed Research ed Research GrantsGrantsGrantsGrants

Endowment Endowment Endowment Endowment Initiatives in Initiatives in Initiatives in Initiatives in Tertiary Tertiary Tertiary Tertiary InstitutionsInstitutionsInstitutionsInstitutions

ICAN PhD CAN PhD CAN PhD CAN PhD Research Research Research Research GrantGrantGrantGrant

Young Members Young Members Young Members Young Members NetworkNetworkNetworkNetwork

ICAN Students’ ICAN Students’ ICAN Students’ ICAN Students’ NetworkNetworkNetworkNetwork

ICAN on Social MediaICAN on Social MediaICAN on Social MediaICAN on Social Media

Accounting ScholarsAccounting ScholarsAccounting ScholarsAccounting ScholarsLeadership WorkshopLeadership WorkshopLeadership WorkshopLeadership Workshop

Catch Them YoungCatch Them YoungCatch Them YoungCatch Them Young ICAN News ICAN News ICAN News ICAN News ––––OFFICIAL JOURNAL OFFICIAL JOURNAL OFFICIAL JOURNAL OFFICIAL JOURNAL FOR ICAN STUDENTSFOR ICAN STUDENTSFOR ICAN STUDENTSFOR ICAN STUDENTS


Members

FOR ICAN STUDENTSFOR ICAN STUDENTSFOR ICAN STUDENTSFOR ICAN STUDENTS

ICAN Students ICAN Students ICAN Students ICAN Students Learning Materials Learning Materials Learning Materials Learning Materials ––––HARD &HARD &HARD &HARD & SOFT COPIESSOFT COPIESSOFT COPIESSOFT COPIES

High School High School High School High School Residency ProgramResidency ProgramResidency ProgramResidency Program

Students’ LibraryStudents’ LibraryStudents’ LibraryStudents’ Library

PATHFINDERSPATHFINDERSPATHFINDERSPATHFINDERS Students’ Special Students’ Special Students’ Special Students’ Special ProjectsProjectsProjectsProjects

� MEMBERS IN PUBLIC PRACTICE

� MEMBERS IN BUSINESS, INDUSTRY AND

GOVERNMENT (BIG)

� GUIDELINES FOR PUBLIC PRACTICE LICENSE� GUIDELINES FOR PUBLIC PRACTICE LICENSE

� SIGNING THE AUDIT REPORTS

� PRACTICE MONITORING

� FELLOWSHIP CONFERMENT


Members

� Terrorism (Prevention) Bill, 2011 and the Money

Laundering (Prohibition) Bill, 2011 were signed into law

by the President. These repealed the 2004 and 2007 laws.

� The new Terrorism (Prevention) Act, 2011 establishes

measures for the prevention, prohibition and combating of

acts of terrorism and the financing of terrorism in Nigeria.acts of terrorism and the financing of terrorism in Nigeria.

� The Act also provides for the effective implementation of

the Convention on the Prevention and Combating of

Terrorism as well as the Convention on the Suppression of

the Financing of Terrorism, and prescribes penalties for the

violation of its provisions.


Members

� The Money Laundering (Prohibition) Act, 2011

repeals the Money Laundering Act, 2004 and makes

comprehensive provisions to prohibit the financing

of terrorism, and the laundering of the proceeds ofof terrorism, and the laundering of the proceeds of

crime or illegal acts.

� It also expands the scope of supervisory and

regulatory authorities so as to address the challenges

faced in the implementation of the anti-money

laundering regime in Nigeria.


Members

As you prepare to join the league of chartered accountants, you must resolve today to imbibe and continuously exhibit these virtues in and out of your work places.these virtues in and out of your work places.

Only by so doing can you hold out yourself as models to generations yet unborn.


Members


Members

54TH INDUCTION LECTURE FOR NEW MEMBERS - icanig.orgicanig.org › ican › documents ›...

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